HCR ManorCare Offloads Some Assets

HCR ManorCare Offloads Some Assets

by | Feb 12, 2020 11:15 am | Long-Term Care, Rehabilitation

HCR ManorCare, the second largest skilled nursing operator in the United States, has sold Heartland Rehabilitation and MileStone Staffing Services to Grant Avenue Capital, a healthcare-focused private equity firm in New York. Terms of the deal were not disclosed. HCR went through a Chapter 11 bankruptcy restructuring in 2018 and was purchased for a total of $3.3 billion by a joint venture between Welltower (NYSE: WELL) and ProMedica, a not-for-profit health system. All the organizations are based in Toledo, Ohio. Welltower owns 80% of the HCR real estate and ProMedica owns 20%. ProMedica owns 100% of HCR’s operating company, for which it paid $470 million in cash and used a $1.15... Read More »